BEIJING - Chinese stocks rallied Thursday, led by strong performances in the financial and property sectors.

The benchmark Shanghai Composite Index gained 1.31 percent, or 29.69 points, to close at 2,296.07. The Shenzhen Component Index rose 2.03 percent, or 184.95 points, to finish at 9,300.22.

Total turnover on the two bourses experienced a decline ahead of the Spring Festival holiday, shrinking to 115.87 billion yuan ($18.34 billion) from 145.32 billion yuan on the previous trading day.

Gainers outnumbered losers by 753 to 154 in Shanghai, and by 1,063 to 305 in Shenzhen.

Securities and banking shares rose across the board. CITIC Securities gained 3.53 percent to 10.84 yuan per share, while the Industrial and Commercial Bank of China climbed 1.16 percent to 4.36 yuan.

Property stocks rebounded after a retreat during the previous day on news that home prices fell in more Chinese cities in December as a result of government policies introduced to cool down the sector.

China Vanke Co, the country's largest property developer, gained 3.73 percent to 7.79 yuan, while Poly Real Estate Group Co, the second largest, edged up 0.55 percent to 10.67 yuan.

Analysts expect mild movement on the stock market during the following days as the Spring Festival holiday.

Spring Festival, which begins on January 23 this year, is a major Chinese holiday. The stock market will close on Sunday and reopen on January 30.
 

Editor: Marissa Wei

E-mail: marissawei1331@hotmail.com